Parkonect, LLC

Parkonect, LLC provides advanced cloud-connected parking solutions that enhance the management of parking facilities through innovative technology and seamless integration, catering to both operators and end-users. Founded in 2011 and headquartered in Buffalo Grove, US, Parkonect, LLC specializes in parking management solutions. The company was acquired by FlashParking, Inc. on June 16, 2021, as part of its strategy to enhance asset value.

Harlan Karp is the founder of Parkonect, bringing prior entrepreneurial experience to the firm. Parkonect specializes in innovative, cloud-connected parking solutions designed to optimize the management of parking facilities of all sizes. The company's core offerings include a full parking and revenue control system (PARCS) featuring interactive touchscreen terminals, as well as add-on towers that integrate seamlessly with existing infrastructure. These products utilize advanced cloud-based software to facilitate real-time data integration and over-the-air updates, making them adaptable to various user needs.

The primary end users are parking facility operators and their customers, which include monthly parkers, presale users, and hotel guests. Parkonect serves a diverse customer base across multiple geographical markets, including major urban centers in the United States, Canada, and Washington, D. C. , enhancing the parking experience through features like contactless payment, mobile pay-on-foot capabilities, and automatic vehicle identification (AVI).

The revenue model for Parkonect is structured around B2B partnerships with parking management companies and facility operators. Revenue is generated through the sale of hardware, software subscriptions, and ongoing service agreements that ensure continuous support and updates. The company's flagship products include the full PARCS system and its add-on towers, which provide integrated solutions for real-time parking management. Clients typically engage in purchasing agreements that may include upfront hardware costs and recurring subscription fees for software services, ensuring a steady revenue stream for the company.

The pricing structure is designed to be flexible, accommodating different client needs and scaling with the size of the parking operations being managed. Following its acquisition on June 16, 2021, Parkonect, LLC aims to leverage its new relationship with FlashParking, Inc. to enhance its product offerings and market presence. The company is focused on developing new product features and expanding into major metropolitan areas in the U.

S. and Canada. The acquisition will help Parkonect deliver world-class solutions to improve asset value, supporting its strategic initiatives for growth.